- Pfizer’s share price reclaimed another bullish hurdle.
- Technical indicators suggest a positive trend in the valuation.
In Tuesday’s letter on December 13, the NYSE: PFIZER stock price (PFE) opened a gap-up and hit a monthly high at $54.4. The closing price was $53.07 with a gain of 1.74%.
Pfizer Inc, the world’s largest pharmaceutical company, said on Monday that annual income from its mRNA vaccine portfolio may reach $10 billion to $15 billion by 2030, easing concerns about a significant drop in COVID vaccine demand and patent renewal.
Shareholders have seized Pfizer’s share price as a strong ROI investment for the approaching year on the NYSE. It has, nonetheless, excelled since mid-October. The all-time high of $61.71 appears to be the bulls’ next goal in 2023.
Pfizer’s stock price increased following a year-long slide. The moment at which long-winding appeared was an all-time high. As a result, the bulls anticipate an FY2021 low of $41.45, losing around 32% of their profits in this downturn.
After a long-term downtrend, buyers found strong support at $40, still valid as a demand zone, buyers witnessed steep climb in prices. Amid this price recovery, buyers reclaimed Pfizer stock price above 0.5 level of fib retracement last week. Resulting in, close to the $50 mark, buyers flipped this level into support for short-term view.
Amid bullish trend, buyers got higher price rejection at the 0.618 level ($53 level) of fib. Above this hurdle, bulls have an upside space until the $57 mark. Meanwhile, trading volume seems enough for maintaining the bullish territory as it reported at 29.46 Million on 13 December.
Technical indicators support a strong positive trend in the following stocks. The 20 day exponential moving average expense below the current price of the PFE providing the support level. The RSI indicator reaches the overbought zone when the MACD is moving in the sky area in the positive zone.
Conclusion
Pfizer share price reached a resistance level where the bears were already attempting for the retracement phase. So far, all traditional technical indicators suggest a positive trend in the asset until the price breaks below the 20 EMA.
Technical Levels
Support level – $49 and $46
Resistance level – $54 and $60
